Adobe Systems (NASDAQ:ADBE) fell in morning trades after the software company slashed its 2016 profit and sales forecast, in response to the negative effects of a stronger dollar.
Shares declined 5.9% to $80.14 at 10:46 a.m. in New York, paring this year’s advance to 10%.
Revenue for the year that ends in November 2016 will be about $5.7bn and profit excluding certain costs will be about $2.70 per share, the San Jose, California-based company said in a statement late Tuesday.
Analysts on average predicted sales of $5.94bn and per-share earnings of $3.20, according to data compiled by Capital IQ.
Adobe, famous for its publishing software like Photoshop that is widely used by creative types, has been shifting to web-based subscriptions from traditional licensed software to help attract more predictable recurring revenue.